When you take the .7642 out of the equation and the rising selling volume of the economy, it isn’t hard to imagine that an eventual move will happen on December 8th. The main bottom is going to be at 7.501 and the Australian dollar certainly closed at a lower amount in the Friday trade. Of course, bank holidays in both Australia and the US are all resting on this action. The AUD/USD currency has really settled down at .7676 and that means it’s down by 0.03%.
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There is a major concern with this and a lot of investors are worried that there is going to be a trade war between the AU and the US. This is probably going to be because of a falling demand for assets that are of a higher risk, because of the ever-rising US interest rates. The main trend here is according to the swing chart. This is measured daily and a trade that is through .7642 will really signal a resumption of the downward trend. The main trend will change and move up to .7784. The minor trend is down here, but the price action on Friday really helped to form a minor bottom at .7642. When you look at the short-term range, you’ll find that this is .7784 right to .7642. The retracement zone is .7713 to .7730 and this is a target that has a primary upside. The main trend happens to be down, so it would be smart of traders to treat this as if it were a resistance. When you look at the long-term retracement zone, you’ll see that this is .7743 and that this goes up to .7818. The zone that controls the longer-term direction of the market is really helping Forex to get a downside bias.
The longer-term downside bias is probably going to continue and this will keep happening as long as the Australian dollar and the US dollar remains well under .7743. A trend will change up and move through to .7784, but there probably isn’t going to be any kind of boost to the upside unless the buyers are able to overtake the 7.818. The main trend is down but there is a high chance that the formation of lower tops and even lower bottoms are going to be more prominent.